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Income Taxes
3 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
The operating company is a limited liability company that has elected to be treated as a partnership for tax purposes. The Company's provision for income taxes reflects U.S. federal, state, and local incomes taxes on its allocable portion of the operating company's income. The Company's effective tax rate for the three months ended March 31, 2018 and 2017 was 11.1% and 11.9%, respectively. The effective tax rate includes a rate benefit attributable to the fact that approximately 73.9% and 74.7% of the operating company's earnings were not subject to corporate-level taxes for the three months ended March 31, 2018 and 2017, respectively. Income before income taxes includes net income attributable to non-controlling interests and not taxable to the Company, which reduces the effective tax rate.

The Income Taxes Topic of the FASB ASC establishes the minimum threshold for recognizing, and a system for measuring, the benefits of tax return positions in financial statements.  

As of March 31, 2018 and December 31, 2017, the Company had $5.2 million and $4.7 million in unrecognized tax benefits that, if recognized, would affect the provision for income taxes. As of March 31, 2018 and December 31, 2017, the Company had interest related to unrecognized tax benefits of $0.6 million and $0.5 million, respectively. As of March 31, 2018 and December 31, 2017, no penalty accruals were recorded.

As of March 31, 2018 and December 31, 2017, the net values of all deferred tax assets were approximately $38.3 million and $39.6 million, respectively. These deferred tax assets primarily reflect the future tax benefits associated with the Company's initial public offering, and the subsequent and future exchanges by holders of Class B units of the operating company for shares of Class A common stock. At March 31, 2018 and December 31, 2017, the Company did not have a valuation allowance recorded against its deferred tax assets.